PPM is Evolving with Strategic Project Management on the Rise
June 08, 2022

Jordy Dekker

Share this

Enterprises have had access to various Project and Portfolio Management (PPM) tools for quite a few years, to guide in their project selection and execution lifecycle. Yet, in spite of the digital evolution of management software, many organizations still fail to construct an effective PPM plan or utilize cutting-edge management tools.

Digital innovation and disruptive technologies are creating change at warp speed. Organizations are faced with the enormous task of trying to stay on track, while on the fast track. The project design ecosystem in many businesses is too big, too siloed, too complex, and too costly. There is increasing pressure to pivot quickly in response to ever-changing demands, while still retaining control of day-to-day tasks and delivering on strategic initiatives.

Project Management Challenges that Impede Success

The most common factors that contribute to project failures emanate from a position of deficiency or lack of:

■ Resource planning leading to project overruns

■ Visibility for all stakeholders

■ Alignment with core business strategies and initiatives

■ Cohesive communication across the enterprise

■ Resistance to new methods and technologies

■ Collaboration across project teams with multiple silos

■ Realistic delivery expectations with schedule delays

■ Effective prioritization with too many projects at one time

Business analysts estimate that at least 50% of projects fail for these reasons, and many place that figure much higher. Without a clear PPM plan, executed with advanced intuitive and automated tools, an enterprise will continue to flounder and experience poor performance and financial waste.

PPM Technology Innovations Change the Corporate Culture

Effective project and portfolio management enables an enterprise to make the best decisions to successfully execute its strategic goals. The clarity and visibility attained with the right management software tools can empower stakeholders to stay in control of project design, intent, resources and timelines, while still managing day-to-day business needs.

Innovative PPM technology fosters collaboration and communication between departments and business units for a holistic approach. From the C-suite down, a shared vision and transparency breaks down silos and allows all stakeholders to visualize the bigger picture. One of the impediments to successful engagement of digital innovations has been the resistance of siloed departments to change habits and methods. Through training and strong leadership, the advantages of a collaborative culture through adoption of digital innovations can reveal greater efficiencies across the enterprise.

Advanced PPM platforms that integrate business strategy capabilities can consolidate all project-related data into a single centralized repository that is equipped with advanced analytics for effective data sharing with all teams and stakeholders. Through streamlining and automating more basic daily tasks and processes, team members are able to conserve time, increase productivity and focus on core project elements.

Projects often influence each other and can create interdependencies for resources and deliverables. With the use of more advanced, integrated and intuitive dashboards, that provide real-time data and key metrics, project viability can be assessed and decision-making clarified as to what projects to hold, begin or eliminate. The ability to estimate the potential ROI of a project can significantly and positively impact the bottom line.

PPM Is Being Redefined as Strategic Portfolio Management (SPM)

Project management, as part of the project portfolio architecture, needs strategy, flexibility, and agility. By layering the business strategy over the execution layer of projects and programs, there is continuous monitoring of initiatives, investments, and delivery. The concept of SPM is quickly replacing PPM to describe a successful management process.

So, what is the difference?

Business transformation in the form of projects should not be disconnected from strategy. SPM is an integrated software approach that enables an enterprise to align all project execution with strategy and more effectively drive business agility. SPM integrates planning, funding and overseeing of all discretionary investments in the management of the project portfolio architecture. It utilizes data-fueled metrics and continuous monitoring to constantly evaluate investments against results. This cohesive approach empowers greater insights to reprioritize, adjust, or cut projects during the lifecycle for continuous portfolio optimization.

As the modern permutation of PPM, Strategic Portfolio Management facilitates the right projects, done the right way, at the right time. According to Gartner, over 50% of PPM leaders plan to integrate SPM technologies to help them define projects and strategic goals. These statistics highlight the importance of project and portfolio management technology innovations.

■ 77% of high-performing projects use project management software.

■ Organizations that use proven PPM practices waste 28 times less money than their counterparts who do not have PPM practices in place.

■ 8 out of 10 project managers believe that project portfolio management is becoming a critical factor in influencing business success.

■ 67% of projects of organizations that undervalue project management result in failure.

■ Failed IT projects have cost U.S.-based enterprises $50–$150 billion in lost revenue and productivity.

Jordy Dekker is Chief Evangelist at ValueBlue
Share this

The Latest

September 27, 2022

Users have high expectations around applications — quick loading times, look and feel visually advanced, with feature-rich content, video streaming, and multimedia capabilities — all of these devour network bandwidth. With millions of users accessing applications and mobile apps from multiple devices, most companies today generate seemingly unmanageable volumes of data and traffic on their networks ...

September 26, 2022

In Italy, it is customary to treat wine as part of the meal ... Too often, testing is treated with the same reverence as the post-meal task of loading the dishwasher, when it should be treated like an elegant wine pairing ...

September 23, 2022

In order to properly sort through all monitoring noise and identify true problems, their causes, and to prioritize them for response by the IT team, they have created and built a revolutionary new system using a meta-cognitive model ...

September 22, 2022

As we shift further into a digital-first world, where having a reliable online experience becomes more essential, Site Reliability Engineers remain in-demand among organizations of all sizes ... This diverse set of skills and values can be difficult to interview for. In this blog, we'll get you started with some example questions and processes to find your ideal SRE ...

September 21, 2022

US government agencies are bringing more of their employees back into the office and implementing hybrid work schedules, but federal workers are worried that their agencies' IT architectures aren't built to handle the "new normal." They fear that the reactive, manual methods used by the current systems in dealing with user, IT architecture and application problems will degrade the user experience and negatively affect productivity. In fact, according to a recent survey, many federal employees are concerned that they won't work as effectively back in the office as they did at home ...

September 20, 2022

Users today expect a seamless, uninterrupted experience when interacting with their web and mobile apps. Their expectations have continued to grow in tandem with their appetite for new features and consistent updates. Mobile apps have responded by increasing their release cadence by up to 40%, releasing a new full version of their app every 4-5 days, as determined in this year's SmartBear State of Software Quality | Application Stability Index report ...

September 19, 2022

In this second part of the blog series, we look at how adopting AIOps capabilities can drive business value for an organization ...

September 16, 2022

ITOPS and DevOps is in the midst of a surge of innovation. New devices and new systems are appearing at an unprecedented rate. There are many drivers of this phenomenon, from virtualization and containerization of applications and services to the need for improved security and the proliferation of 5G and IOT devices. The interconnectedness and the interdependencies of these technologies also greatly increase systems complexity and therefore increase the sheer volume of things that need to be integrated, monitored, and maintained ...

September 15, 2022

IT talent acquisition challenges are now heavily influencing technology investment decisions, according to new research from Salesforce's MuleSoft. The 2022 IT Leaders Pulse Report reveals that almost three quarters (73%) of senior IT leaders agree that acquiring IT talent has never been harder, and nearly all (98%) respondents say attracting IT talent influences their organization's technology investment choices ...

September 14, 2022

The findings of the 2022 Observability Forecast offer a detailed view of how this practice is shaping engineering and the technologies of the future. Here are 10 key takeaways from the forecast ...